Brent crude oil prices fell sharply after President Donald Trump gave an update on the Iran war, which has lasted over a week and is "very far ahead of schedule" after initially predicting a four-to-five-week operation. The Dow Jones Industrial Average and the S&P 500 also rose following the news. The president also revealed that he is considering taking control of the Strait of Hormuz, a vital passage between Iran and the United Arab Emirates, where around 20% of the world’s oil typically traverses each day. Since the Iran conflict began, ships have been largely halted from passing through the strait and into the open ocean. If tankers are prevented from passing for over two weeks, oil could reach $150 per barrel, according to experts.